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AEGON Religare Launches New iTerm Plan

By SiliconIndia | Monday, 06 February 2012, 21:53 Hrs

Bangalore: The pioneers of online term insurance, AEGON Religare Life Insurance (ARLI) today, announced the launch of its new and improved protection plan - AEGON Religare iTerm Plan. The new iTerm is a continuation of the company's investment in the online distribution space to provide a robust, sustainable and profitable online platform for consumers.

ARLI was the first company to launch an online protection plan, also called AEGON Religare iTerm plan, in October 2009. Given the nascent nature of the market that was a simple pure protection plan. The new version of the plan builds in many new features that add significantly to customer value. Besides offering protection at a great value the plan comes bundled with a terminal illness benefit. This means that on diagnosis of a terminal illness, 25 percent of the base sum assured is immediately paid out. This is to help consumers cope with the cost of battling such diseases.

In addition, the new plan has the option of attaching riders - the AD rider in case of accidental death. The other rider is a waiver of premium rider in case of critical illness. This means that if the customer contracts any of the listed critical illnesses, further premiums are waived but the protection plan continues. The last rider is specifically aimed at women which is the Women Critical Illness rider. In addition, the product is now available till the age of 75 years, making it the longest term amongst online term plans.

The product is available exclusively online, at http://buyonline.aegonreligare.com, making it convenient and easy for the customer to buy the policy, transact and receive the policy document instantly, online. The product is un-complicated and easy to understand by even those who are buying an insurance policy for the first time. The website allows a prospective customer to calculate his/her insurance requirement and make an online purchase.

Speaking on the occasion of the launch of AEGON Religare iTerm Plan, Mr. Yateesh Srivastava, Chief Marketing Officer of AEGON Religare stated - "When we launched iTerm in October 2009 the market was at a very nascent stage and yet to evolve. Our investment in this market has played a pivotal role in developing a robust market for online insurance which continues to grow at a good pace. As a pioneer, we felt the time had come to revamp the original plan and pack it with value-added features. This I believe, we have successfully done with the new product design. Also, I am very happy to share that all existing customers of iTerm will be migrated to the new product and we shall be communicating with them shortly."

The steps to buy the iTerm Plan are fairly simple. One needs to choose the amount of protection, policy term, opt from the three riders and make an online payment. The entire buying process doesn't take more than 12-15 minutes.

The AEGON Religare iTerm Plan offers the following benefits - (1) A life cover - The sum assured is paid to the nominee incase of death of the policy holder, (2) 25 percent of the sum assured is paid immediately on diagnosis of any terminal illness and (3) Option to choose any of the three riders - (a) AEGON Religare Accidental Death Rider (AD), (b) AEGON Religare Waiver-Of-Premium on Critical Illness Rider (WoP on CI) covers Cancer, Coronary Artery Bypass Surgery, Heart Attack and Stroke and (c) AEGON Religare Women CI Rider covers illnesses pertaining to women.

AEGON Religare iTerm Plan is a value-added pure protection insurance plan. The entry age for a customer is a minimum of 18 and a maximum of 65 years with a minimum policy term of 5 and a maximum of 57 years. It offers a minimum sum assured of